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Limited Liability Companies (LLC’s) in Wyoming

by Norris Law Group on June 16, 2014

Like many states, Wyoming offers business owners some incentives to do business in and/or incorporate in the state. One of the asset protection vehicles that Wyoming offers is knows as a limited liability company, or LLC. A major benefit of a Wyoming LLC is that it offers each member protection from personal liability, much like a corporation, while at the same time getting treated as a limited partnership for the purposes of taxes. But a Wyoming LLC does not put any limitation on the residency of the members or number of members who are included in the partnership. Each member’s liability is limited to the extent of his or her investment, and only has to pay individual taxes in proportion to his or her ownership stake, avoiding the problem of double taxation. Additionally, no single partner would ever be liable for all of the company’s debts.

Other advantages of a Wyoming LLC include no limit on how many investors can own part of the company, and the company manager does not need to take on personal liability for the company’s debts.

Wyoming also offers a supplement to the LLC known as a close limited liability company. This supplement is designed primarily for family businesses. Setting up an LLC as a close limited liability company ensures that a given LLC can enjoy a “continuity of life that contains restrictions on transferability of interests and withdrawal of contributions.”

Is a Wyoming Limited Liability Company the right choice for you? A conversation with a skilled attorney familiar with asset protection strategies in Wyoming can help you decide.

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah and Wyoming in the area of asset protection. Contact them today at 801-932-1238 or online for a free consultation.

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